Transamerica Interway, Inc. v. Commercial Union Assurance Co. of South Africa, Ltd.

MEMORANDUM OPINION AND ORDER

SOFAER, District Judge:

In this action Transamerica Interway, Inc. and Transamerica ICS, Inc. (both hereinafter “ICS” or “plaintiff”) seek to collect on certain policies of marine insurance issued during 1980 and 1981 by defendants Commercial Union Assurance Company of South Africa, Ltd. (hereinafter “Commercial Union”) and Incorporated General Insurances, Ltd. (hereinafter “IGIL”). ICS, a lessor of international ocean cargo containers, obtained these policies to protect against any loss occasioned by the insolvency or bankruptcy of one of its lessees. The policies…